4 ms·

Open Banking is some serious business. Wondering if they're gonna face any fines in the coming years due to non compliance... These won't be the regular EU slap

Open Banking is some serious business. Wondering if they're gonna face any fines in the coming years due to non compliance... These won't be the regular EU slap-on-the-wrist fines either.

erinnh 5y ago
Why? There already is a standard for open banking in the EU with PSD2.
- explaingarlic 5y ago
  I have genuinely no clue what that is. I don't think it's the same thing as Open Banking, though. The FCA did just fine NatWest a quarter of a billion for their blatant money laundering.
  - dbbk 5y ago
    Open Banking is PSD2. They are the same thing.
    - objclxt 5y ago
      No, it’s not. PSD2 does not define any APIs. Open Banking implements the requirements of PSD2, but they’re not the same thing.
- proctrap 5y ago
  Except it's not a standard. It's "everyone has a different API that is broken in another way". But you can threaten legal action if they don't fix it or help you, which gets stuff done.
rmesters 5y ago
It's happening already: https://www.finextra.com/newsarticle/39905/cma-writes-to-barclays-and-lloyds-over-open-banking-api-breaches https://www.finextra.com/newsarticle/39905/cma-writes-to-bar...